– A + A KUALA LUMPUR (Jan 21): Economists on Friday projected Malaysia's inflation this year to range from 2.1% to 3% after the inflation rate hit a 4-year high of 2.5% in 2021. UOB Global Economics and Markets Research economists Julia Goh and Loke Siew Ting said in a note that they expect inflation to average 3% in 2022, which is higher than Ministry of Finance (MOF) estimate of 2.1%. According to them, the upside risks will come from prolonged global supply chain bottlenecks, post-pandemic labour shortages, volatile commodity prices, expiry of government's price control schemes, and potential subsidy rationalisation programmes. "That said, a sanguine outlook on the economic recovery coupled with more aggressive monetary policy tightening by the Federal Reserve could trigger a more hawkish tilt in Bank Negara Malaysia's (BNM) policy stance this year," they said. According to them, headline inflation remained above the 3% level at 3.2% year-on-year in Dec 2021 (Nov: 3.3%), in line with their estimate and the Bloomberg consensus of 3.1%. This brought 2021 full-year inflation to an average of 2.5%, matching their full-year projection. MOF projected inflation to be at 2.4% this year. Last year, inflation declined by 1.2%. They also noted… Read full this story
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